Avalanche (AVAX) price falls for the second day on Friday. AVAX price fails to sustain Thursday’s high and lost 18% in two days. Investors anticipate a retracement of 15% towards $0.68 if the bearish sentiment persists. However, the current price trend suggests that AVAX could utilize the current retracement as a base for the next leg up.
- Avalanche (AVAX) price edges lower on Friday in the late U.S trading session.
- Investors manage to hold above the critical $80 level.
- AVAX logged nearly 85% gains from January’s lows.
As of press time, AVAX/USD is trading at $84.98, down nearly 4%. The 24-hour trading volume reads at $1,419,047,712 with more than 22$ losses.
AVAX seeks next leg-up
On the daily chart, Avalanche’s (AVAX) price has surged more than 80% from the lows of $53 made in late January. The price action constitutes a ‘rising wedge pattern’, which is a bearish continuation pattern.
That’s a twist, as per the extension of the formation AVAX has the potential to rise further 37% from the current levels. A closer look at how the price performed inside the channel strengthens the short-term bullish bias for the pair.
Bulls have found fresh buying opportunities as the AVAX price tests the lower trendline of the mentioned formation at every retracement.
Trending Stories
Now, AVAX/USD has comfortably placed above the 20-day Simple Moving Average (SMA) at $80.00 that coinciding with the current retracement in price.
We expect, the price would respect the reliable support level and would take out the first resistance hurdle at $103 followed by the ultimate target of $ 110.0.
Alternatively, a failure to hold $80.0 on a daily closing basis would invalidate the bullish theory. The first downside target could be found at $70.0.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) slips below the average line. However, still reads at 50 making bulls hopeful.
MACD: The Moving Average Convergence Divergence (MACD) is above the midline. Any uptick in the indicator would be favorable for long positions holders.
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
